Palm oil rises on bargain buying

KUALA LUMPUR, Nov 28 (Reuters): Malaysian palm oil futures rose for a fourth straight session on Thursday, buoyed by stronger rival Dalian oils and bargain buying.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 86 ringgit, or 1.79 per cent, to 4,884 ringgit ($1,099.01) a metric ton at the close.

Crude palm oil futures were seen recovering, after opening lower, on bargain buying as tightness in palm oil supply persists, said Anilkumar Bagani, research head at Sunvin Group.

Separately, a Kuala Lumpur-based trader said the overnight selloff in Chicago soyoil had a spillover effect on crude palm oil futures this morning, but the uptick in rival Dalian oils prevented prices from falling further.

Dalian's most-active soyoil contract rose 0.1 per cent, while its palm oil contract added 1.56 per cent. The Chicago Board of Trade was closed for the Thanksgiving holiday.